The decision was taken Tuesday, in a shareholder meeting, according to a report posted on the Bucharest bourse.
While on furlough, employees receive 80% of their base salary.
Oltchim is 54.8% owned by the state. Other shareholders include German PCC SE with a 17.47% share and UK-registered Carlson Ventures, with a 14.02% stake.
The chemical company posted a nine-month loss of 179.7 million lei (EUR42.7 million) in 2011, although sales increased by 38.3% to RON1.25 billion.